CGA Post-Award Administration & Grant Closeout 3

Question 1

Under 2 CFR 200.344, within how many calendar days after the period of performance end date must a non-federal entity submit all final reports for a federal award?

Accepted Answer

90 days

Answer

30 days

Answer

60 days

Answer

180 days

Question 2

How long must a non-federal entity generally retain financial records and supporting documentation related to a federal award per 2 CFR 200.334?

Accepted Answer

3 years after the date of submission of the final expenditure report

Answer

1 year after the final expenditure report submission date

Answer

5 years after the period of performance end date

Answer

7 years from the date of the original grant award

Question 3

At grant closeout, what must happen to unexpended federal award funds that the grantee has not spent for approved purposes?

Accepted Answer

They must be returned (refunded) to the federal awarding agency

Answer

They are automatically applied to the next grant cycle with the same agency

Answer

They may be retained for other allowable organizational expenses

Answer

They are converted to program income and retained by the grantee

Question 4

Equipment purchased with federal grant funds with a current per-unit fair market value exceeding $5,000 at the time of closeout is subject to:

Accepted Answer

The equipment disposition requirements under 2 CFR 200.313

Answer

Automatic transfer of title to the federal government

Answer

Immediate sale with all proceeds returned to the awarding agency

Answer

A mandatory 10-year retention period before any disposal is permitted

Question 5

A grantee discovers it was overpaid by $15,000 due to a federal agency calculation error after the grant was closed. What is the grantee's obligation?

Accepted Answer

Promptly refund the overpayment to the federal awarding agency

Answer

Keep the funds, as the error was the federal agency's responsibility

Answer

Apply the overpayment as a credit toward a future grant from the same agency

Answer

Request a formal independent audit before taking any action

Question 6

Which of the following BEST describes 'liquidating obligations' during grant closeout?

Accepted Answer

Paying all costs that were incurred and obligated during the performance period but have not yet been paid

Answer

Selling all grant-purchased assets before the closeout submission deadline

Answer

Closing all grant-related bank accounts and settling lines of credit

Answer

Eliminating grant-related liabilities owed to third-party consultants after closeout

Question 7

After receipt and acceptance of all required final reports, within what timeframe must a federal awarding agency complete all closeout actions per 2 CFR 200.344(b)?

Accepted Answer

1 year

Answer

90 calendar days

Answer

6 months

Answer

2 years